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Canada’s Economy. Economy Review. What do you know about… Traditional Economy? Command Economy? Market Economy? Mixed Economy?. Review Types of Economies. Which type of economy lets businesses do whatever they want? Which economy has the government making all the decisions? - PowerPoint PPT Presentation
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Canada’s Economy
Economy ReviewWhat do you know about…– Traditional Economy?– Command Economy?– Market Economy? – Mixed Economy?
Review Types of Economies
1. Which type of economy lets businesses do whatever they want?
2. Which economy has the government making all the decisions?
3. Which economy do most countries have?
Most countries lie somewhere in between a Command and a Markey
Economy-However, they may be closer to
one side than the other
3 Economic Questions…
What to Produce?– Businesses decide and government
approves/denies it
How to produce it?– Businesses decide & government regulates
procedures
For whom to produce?– Businesses decide based on supply & demand
(price)
Which economic system does Canada have?…
Canada’s Economic System
Canada has a Mixed economic system– It’s actually pretty close to a Market
economy; however, there is some government regulation among industries
– It does have Free Enterprise (competition between businesses)
Canada is economically strong!
Mixed EconomyCanada is a mixed economy, but it is closer to market than command
Canada’s Foreign Exchange Rate
The price of 1 country’s currency compared to another…– 1 US dollar = 1.01 Canadian dollars– 1 US dollar = .75 EU euros– 1 Canadian dollar = .7501 EU euros
What does this mean?– The US economy is a little stronger than
Canada’s; however, the economy of the European Union is stronger than both!
Canada’s Natural Resources
What’s available?– Minerals like: iron ore, nickel, zinc,
copper, gold, lead, molybdenum, potash, diamonds, and silver,
– Fish, timber, wildlife, coal, petroleum, natural gas, hydroelectric power
Canada’s Land Use
What percentage of the land is arable (capable of being farmed)?– 5% (only in Southern Canada; Northern
Canada’s terrain is permafrost!)– This is actually a large amount, considering
Canada is the world’s 2nd largest country
What are the major agricultural products?– Wheat, barley, oilseed, tobacco, fruits,
vegetables, dairy products, forest products, fish
Canada’s Industries
What’s being produced in the factories?– Transportation equipment,
chemicals, processed and unprocessed minerals, food products, wood and paper products, fish products, petroleum, natural gas
Which country is Canada’s biggest trading partner?
Exports: US 77.7%, UK 2.7%, Japan 2.3%Imports: US 52.4%, China 9.8%, Mexico 4.1%
Canada’s Literacy Rate
What percentage of people over the age of 15 can read and write?– 99%
How long are students required to stay in school?– 17 years
Canada’s Unemployment Rate
What percentage of people do not have jobs?– 8.3%
What percentage of people live in poverty?– 10.8%
Canada’s GDP
What is GDP??
$1.336 trillion (2009)– 15th in the world
GDP Per Capita--What is the value of goods and services produced per person?– $38,100 (2009)
What is GDP?
All of the goods/services a country produces in one year
Canada’s Exports
What is an export?– Main exports are hydroelectricity,
fish, timber & agricultural products
4 Factors That Effect Canada’s GDP
Human Capital: Canada is investing in education & training (check out literacy rate!)Capital Goods: Canada is investing in new technology & building new factoriesAbundant Natural ResourcesFocus on Entrepreneurship
What are capital goods?
All of the materials (factories, machines, technologies, buildings, and property) needed by businesses to operate
North American Free Trade Agreement
NAFTASigned by the US, Canada, & Mexico in the mid-1990sEliminated trade barriers between the 3 countriesFree Trade between the 3 countriesHow has it affected Canada’s economy?– It eliminated trade barriers with US &
Mexico, and allows them to trade more freely at a better cost
Canada’s Economic Problems
Unemployment & povertyOver-depletion of natural resourcesAcid rain from factories near Great Lakes region is destroying timber resourcesImproving public services (which forces the country to raise taxes)
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